The South Indian Bank (SIB) has launched a blockchain-enabled hassle-free money transfer facility for customers. With this, SIB customers can transfer funds from foreign countries in a safe and digitally encrypted environment. The bank had tied up with a Middle East-based forex major in this regard.
The transfer facility was launched by carrying out a transaction, an SIB release said here. The launch of the facility is part of the bank's constant endeavour to transfer the benefits of technology-enabled banking to its customers. Another advantage is that the facility uses data only nominally at the customer-end, the release said.
The bank has tie-ups with four banks and 34 exchange centres spread across Australia, Singapore, Hong Kong, and the Gulf. The bank had earlier launched an app by the name SIB Mirror Plus.